October 8, 2021 | by Kristina D'Amico
From the Firm: National and International News Here is a roundup of the big news this week: :
Nations agree to 15% minimum corporate tax rate
Facebook to act on illegal sale of Amazon rainforest
136 countries have signed on to a historic deal to ensure big companies pay a fairer share of taxes. They have agreed to enforce a corporate tax rate of at least 15%, and a fairer system of taxing profits. Countries will have more scope to tax multinational companies that are operating within their borders, even if they lack a physical presence. A quarter of profits that companies make above the 10% threshold will be reallocated to countries where the money was earned, and taxed there.
Facebook has announced that it will begin bearing down on the illegal sale of protected areas of the Amazon rainforest on its website. In February, it was revealed that Facebook's website was allowing ads for parts of the Amazon rainforest for sale, some of them as large as football fields. After BBC investigated into the practice, Facebook has changed its policy to eliminate the ads for conservation areas of the rainforest, but the new policy will not apply to publicly owned areas of the forest.
Clients In the News Upper Darby’s new police chief has a vision for a modern, community-focused department
Timothy Bernhardt has now been appointed the superintendent of Upper Darby police after 21 months as the interim leader.
The Biggest Story in the US This Week
Senate avoids U.S. debt crisis — for now — and votes to extend borrowing limit "The Senate has dodged a U.S. debt disaster, voting to extend the government’s borrowing authority into December and temporarily avert an unprecedented federal default." The vote happened along party-lines, with a Democratic vote of 50-48 in support of the bill to raise the government's debt ceiling by nearly a half-trillion dollars.
Read the full story here.
News That Made Us Laugh
Shed Of The Year: Danielle Zarb-Cousin's outbuilding beats more than 300 entries A cocktail bar has beaten over three hundred entries - including a fairytale castle - to win Shed Of The Year!
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